Loading...
HomeMy Public PortalAboutResolution 89-29131 1 RESOLUTION NO. 89 -2913 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE CITY APPROVING AGREEMENT FOR ACQUI- SITION OF REAL PROPERTY AT 5803 - 5807 ROSEMEAD BOULEVARD AND 8917 -8923 ELM AVENUE, TEMPLE CITY, CALIFORNIA WHEREAS, the City of Temple City (the "City ") has offered to purchase certain real property at 5803 -5807 Rosemead Boulevard and 8917 -23 Elm Avenue, Temple City which City desires to acquire for parking purposes; and WHEREAS, an agreement for the purchase and sale of such real property has been reached between the owner and the City Manager; and WHEREAS, the City Council has approved and adopted an Envi- ronmental Impact Report in connection with the possible develop- ment of the block in which the above real property is located and for Block A of the Rosemead Boulevard Redevelopment Project, which included the impacts of vehicle parking on such property; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TEMPLE CITY AS FOLLOWS: SECTION 1. The Agreement (Exhibit 1) is hereby approved and the City Manager is authorized to execute said Agreement on behalf of the City and to take all actions necessary to carry out such agreement, including the acceptance of the Grant Deed. SECTION 2. The City Clerk shall certify to the adoption of this Resolution. ADOPTED AND APPROVED THIS 7TH DAY OF NOVEMBER, 1989. Resolution No. 89 -2913 Page 2 I, hereby certify that the foregoing Resolution, Resolution No. 89 -2913 was duly adopted by the City Council of the City of Temple City at a regular meeting held on the 7th day of November, 1989 by the following vote: AYES: Councilmember- Atkins, Breazeal ,Gillanders,Swain,Froehle NOES: Councilmember -None ABSENT: Councilmember -None 1 1 1 1 1 1 Temple City owner ,I1NAL ESCROW NO.: PARCEL NO.: 5387 -12 -14 PROJECT: Rosemead Blvd Temple City, CA NAME: McAuley Trust CHICAGO TITLE REPORT NO.: 8918341 -ME AGREEMENT FOR ACQUISITION OF REAL PROPERTY (ESCROW INSTRUCTIONS) THIS AGREEMENT is entered into this Till day of NOVEMBER , 1989, by and between the CITY OF TEMPLE CITY, a Municipal corporation (hereinafter called "Buyer "), and the undersigned owner(s) (hereinafter called "Seller ") for acquisition by Buyer of certain real property as hereinafter set forth. IT IS HEREBY MUTUALLY AGREED BETWEEN THE PARTIES AS FOLLOWS: 1. AGREEMENT TO SELL AND PURCHASE. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, upon the terms and for the consideration set forth in this Agreement, all that certain real property (hereinafter called "Property ") situated in the City of Temple City, County of Los Angeles, State of California, and legally described as follows: Lot 104 of Tract No. 3623, as per map recorded in Book 40, page 52 of Maps, in the office of the County Recorder of said County. EXCEPT the Southerly 5 feet of said Lot deeded to the County of Los Angeles for road purposes, in Deed recorded in Book 1488, page 361 of Official Records. ALSO EXCEPT the North 135 feet of said Lot. Commonly known and numbered as 5803 -5807 Rosemead Blvd and 8917 -8923 Elm Ave., Temple City, CA 2. PURCHASE PRICE. The total purchase price, payable in cash through escrow, shall be the sum of SEVEN HUNDRED FORTY TWO THOUSAND FIVE HUNDRED AND NO /100 DOLLARS ($742,500.00) 3. CONVEYANCE OF TITLE. Seller agrees to convey by Grant Deed to Buyer marketable fee simple title to the Property free and clear of all recorded and unrecorded liens, encum- brances, assessments, easements, leases and taxes, EXCEPT: A. Taxes for the second installment of 1989 -90. B. Quasi - public utility, public alley, public street easements and rights of way of record. C. Items numbered 5,6,7,8,9,10, and 11 of the above numbered title report dated October 13, 1989 issued by Chicago Title Insurance Co. 4. TITLE INSURANCE POLICY. Escrow Agent shall, following recording of deed to Buyer, provide Buyer with a CLTA Standard Coverage Policy of Title Insurance in the amount of 5742,500.00 issued by Chicago Title Insurance Co. showing title to the Property vested in Buyer, subject only to the exceptions set forth in Paragraph 3 and the printed exceptions and stipulations in said policy. Buyer agrees to pay the premium charged therefor. 5. ESCROW. Buyer agrees to open an escrow in accordance with this Agreement at Bank of America, 152 E. Foothill Blvd., Azusa, CA 91702 (818)914 -8371. This Agreement constitutes the joint escrow instructions of Buyer and Seller, and Escrow Agent to whom these instructions are delivered is hereby empowered to act under this Agreement. The parties hereto agree to do all acts necessary to close this escrow in the shortest possible time. Seller has executed and handed a deed to Buyer, concurrently with this Agreement. As soon as possible after opening of escrow, Buyer will deposit the executed deed, with Certificate of Acceptance attached, with Escrow Agent on Seller's behalf. Buyer agrees to deposit the purchase price upon demand of Escrow Agent. Buyer and Seller agree to deposit with Escrow Agent any additional instruments as may be necessary to complete this transaction. Insurance policies for fire or casualty are not to be transferred, and Seller will cancel his own policies after close of escrow. 101389 Resolution 89 -2913 Page 1 of 4 Exhibit 1 E-1 Temple City wner All funds received in this escrow shall be deposited with other escrow funds in a general escrow trust account(s) and may be transferred to any other such escrow trust account in any State or National Bank doing business in the State of California. All disbursements shall he made by check from such account. ESCROW AGENT IS AUTHORIZED AND INSTRUCTED TO COMPLY WITH THE FOLLOWING TAX ADJUSTMENT PROCEDURE: A. Pav and charge Seller for any unpaid delinquent taxes and /or any penalties and interest thereon, and for any delinquent or non - delinquent assessments or bonds against the Property; R. Escrow is not to be concerned with pro - ration of Seller's taxes for the current fiscal year if this escrow closes between July 1 and November 1 unless current tax information is available from title insurer between October 1 and November 1. In the event said tax information is available, Seller's taxes shall be pro -rated in accordance with Paragraph "C" below. From July 1 and the ensuing period, when tax information is NOT available, referred to above, Seller's pro -rata portion of taxes due to close of escrow, shall be cleared and paid by Seller, outside of escrow, pursuant to provisions of Section 5082 through 5090 of the Revenue and Taxation Code of the State of California. C. From the date that tax information is available, as per Paragraph "8" above, up to and including June 30th, Seller's current taxes, if unpaid, shall be pro -rated to date of close of escrow on the basis of a 365 -day year in accordance with Tax Collector's pro - ration requirements, together with penalties and interest if said current taxes are unpaid after December 10 and /or April 10. At close of escrow, a check payable to the County Tax Collector for Seller's pro -rata portion of taxes shall be forwarded to Buyer with closing statement. D. Any taxes which have been paid by Seller, prior to opening of this escrow, shall not he pro -rated between Buyer and Seller, but Seller shall have the sole right, after close of escrow, to apply to the County Tax Collector of said County for refund of such taxes which may he due Seller for the period after Buyer's acquisition pursuant to Revenue and Taxation Code Section 5096.7. ESCROW AGENT IS AUTHORIZED TO, AND SHALL: E. Pay any amount necessary to place title in the condition necessary to satisfy Paragraph 3 of this Agreement and charge Seller upon Seller's approval; F. Pay any escrow fees, charges and costs payable under Paragraph 6 of this Agreement and charge Buyer; G. Disburse funds and deliver deed when conditions of this escrow have been fulfilled by Buyer and Seller. The term "close of escrow ", if and where written in these instructions, shall mean the date necessary instruments of conveyance are recorded in the office of the County Recorder. Recordation of instruments delivered through this escrow is authorized if necessary or proper in the issuance of said policy of title insurance. All time limits within which any matter herein specified is to be performed may be extended by mutual agreement of the parties hereto. Any amendment of, or supplement to, any in- structions must be in writing. TIME IS OF THE ESSENCE IN THESE INSTRUCTIONS AND ESCROW IS TO CLOSE AS SOON AS POSSIBLE. If (except for deposit of money by Buyer, which shall be made by Buyer upon demand of Escrow Anent . before close of escrow) this escrow is not in condition to close within 95 days from date of these instructions, any party who then shall have fully complied with his instruc- tions may, in writing, demand the return of his money or Property; but if none have complied no demand for return thereof shall be recognized until five (5) days after Escrow Agent shall have mailed copies of such demand to all other parties at their respective addresses shown in these escrow instructions, and if any objections are raised within said five (5) day Period, Escrow Aaent is authorized to hold all papers or documents until instructed by a court of competent jurisdiction or mutual instructions. If no demands are made, proceed with closing this escrow as soon as possible. Pespon:ibilit.Y of Escrow Agent under this Agreement is expressly limited to Paragraphs 1. 2, 3, 4, 5, 6. 7, 9, 10, 12, and 14, and to its liability under any policy of title insurance issued in regard to this transaction. 5. ESCROW FEES. _CHARGES ._ -AND COSTS. Buyer agrees to pay all usual fees, charges and costs which arise in this escrow. 101389 Page 2 of 4 Resolution 89 -2913 Exhibit 1 1 1 1 1 1 E-1 Temple City uwner 7. RENTALS AND OCCUPANCY BY SELLER. Seller agrees to execute a complete, current and correct statement of rentals on form furnished to Seller and deliver same to Buyer within fifteen (15) days hereof with copies of any written leases and rental agreements attached. All rents will be pro -rated as of the close of escrow on the basis of a thirty (30) day month ' consistent with that statement, subject to approval of Buyer. Seller hereby agrees not to re -rent any unit on the premises which are now vacant, or which may be vacated by the present occupants prior to close of escrow. Seller hereby warrants that the rental statement referred to shall include the terms of all rental agreements, tenancies, and leases (written, unwritten, recorded or unrecorded) and agrees to hold Buyer harmless from all liability from any such leases or agreements. Seller also warrants that there are no oral or written leases on all or any portion of Property exceeding a period of one month, and Seller further agrees to hold Buyer harmless and reimburse Buyer for any and all of its losses and expenses occasioned by reason of any lease of said Property held by any tenant of Seller for a period exceeding one month. 8. COUNTERPARTS. This Agreement may be executed in counterparts, each of which so executed shall, irrespective of the date of its execution and delivery, be deemed an original, and all such counterparts together shall constitute one and the same instrument. 9. CLOSING STATEMENT. Seller hereby authorizes and instructs Escrow Agent to release a copy of Seller's closing statement to Buyer; purpose being to ascertain if any reimburse- ments are due Seller. 10. SMOKE DETECTORS. Seller hereby certifies under penalty of perjury that smoke detectors are installed according to manufacturer's instructions in each dwelling unit and are in full operating condition pursuant to Health and Safety Code Section 13113.7 and local ordinances. 11. HAZARDOUS SUBSTANCES DISCLOSURE. Pursuant to Health & Safety Code Section 25359.7, Seller is obligated to disclose any knowledge that Seller has regarding hazardous substances on the Property. It is understood and agreed between Buyer and Seller that the closing of this escrow is subject to and contingent upon receipt and approval, by Buyer, of a Disclosure Statement disclosing if the Seller knows or has reasonable cause to believe there are any hazardous or toxic substances or materials located on, in, or under the Property. Said Disclosure statement is subject to Buyer's review and approval, which will not be unnecessarily withheld or delayed by Buyer. 12. I.R.S. FORM "W -9 ". It further understood and agreed by Seller that closing of this escrow is subject to and contingent upon Seller executing an Internal Revenue Service Form "W -9 ", and depositing same into escrow. 13. PERMISSION TO ENTER ON THE PROPERTY. Seller hereby grants Buyer, or its authorized agent, permission to enter upon the Property at all reasonable times prior to close of escrow for the purpose of making necessary inspections, including soils and asbestos tests. Buyer agrees to indemnify and hold Seller and their respective officers, agents, servants, and employees harmless from and against all claims or suits for, damages to, property and injuries to persons, including accidental death, (including attorneys' fees and costs), which may be caused by any of Buyer's activities under this Agreement, whether such activities or performance thereof be by Buyer or by anyone directly employed or contracted with by Buyer and whether such damages shall accrue or be discovered before or after close of escrow. 14. CLOSE OF ESCROW. Escrow Agent is hereby authorized and instructed to close this escrow on January 2, 1990. 101389 Resolution 89 -2913 Page 3 of 4 Exhibit 1 E-1 Iemple City Owner The terms, conditions, covenants and agreements set forth herein shall apply to and bind the heirs, executors, administrators, assigns and successors of the parties hereto. This Agreement contains the entire agreement between the parties, and neither party relies upon any warranty or representation not contained in this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first set forth hereinabove. SELLERS: Dated: Dated: Dated: MCAULEY FAMILY TRUST 1 Clyde M Auley, Trustee Ruthann McAuley, Trustee Address: 1044 Fallen Leaf Road, Arcadia, CA 91006 Telephone: 818/446 -4404 BUYER: CITY OF TEMPLE CITY By: / ( /�— Dated: Dated: By: Addressd: 9701 Las Tunas Drive, P 0 Box 668, Temple City, CA 91780 -0668 Telephone: 818/285 -2171 - Kkarl Koski 101389 Resolution 89 -2913 Page 4 of 4 Exhibit 1 1 1